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Market unsullied by Budget, but global outcomes a worry: Udayan

Global recourse such as US President Donald Trump’s policy changes on visa and healthcare front can fuel instability/volatility in the local markets which could be a cause of concern, according to Udayan Mukherjee.

February 02, 2017 / 22:39 IST
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Even though the Budget for FY18 played it safe, it didn’t address the issues that the Street expected it to, according to Udayan Mukherjee, Consulting Editor of CNBC-TV18. Finance Minister Arun Jaitley’s Budget speech didn’t spell out much for the informal economy; however, there could be an upside to the market, he said, adding that Nifty could hit 8900-9000 levels.

Nifty surged nearly 200 points to end at 8714.60 on Wednesday after Jaitley presented the Budget which proposed to halve tax on personal income in the Rs 2.5-5 lakh earnings bracket, leave long-term capital gains untouched, provide sops for MSME sector, line up a Rs 3.96 lakh crore capex outlay for infrastructure, among other reforms.

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The market continues to be good, unsullied by the Budget announcement, but global outcomes can be a source of worry, Mukherjee said. The Dalal Street is of the view that the markets have shaken off the demonetisation hit induced in November and December, and is back to normal, he said.

Global recourse such as US President Donald Trump’s policy changes on visa and healthcare front can fuel instability/volatility in the local markets which could be a cause of concern, Mukherjee said.